We can't afford to live together and have children

Options
12357…36

Comments

  • JPB156
    JPB156 Posts: 91 Forumite
    Options
    At what rate is the big question, would be 2.69 for first 5 years then it anyones guess. Only planning on one car and only replace them when they are on their last legs. Current insurance is 350
  • Pa_Ja
    Pa_Ja Posts: 134 Forumite
    Options
    I thought this was a troll at the beginning but gave the benefit of the doubt...
    Now though...
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    Name Dropper First Post Photogenic First Anniversary
    Options
    JPB156 wrote: »

    So on the financial side does a 150000 mortgage on 34000 wage sound foolish and unrealistic, it's hard to work out how much other bills will cost

    I think it's foolish that two adults in their 30s that have been together for 11 years are still living at home with mum & dad. I also think it's foolish for two adults who have never lived away from home before let alone together should go straight from living with parents to buying somewhere together. I think it would be far more sensible to try living together in rented accommodation first.
  • JPB156
    JPB156 Posts: 91 Forumite
    Options
    What's a troll?
  • beautiful_ravens
    beautiful_ravens Posts: 769 Forumite
    First Post First Anniversary Combo Breaker
    Options
    OP- I'd just start renting in your situation. To test out living together, risk/hassle free.
    Housing market/jobs/retirement - no guarantees
    Mortgage - massive pain in the butt if you have to 'undo'
    Most of the things you are worrying about have a tendency to work out in the end - cross bridges when you get to them. No one can plan for every contingency.
    ''A moment's thinking is an hour in words.'' -Thomas Hood
  • Guest101
    Guest101 Posts: 15,764 Forumite
    Options
    JPB156 wrote: »
    What's a troll?



    Well it's someone who creates a far fetched scenario and drops in information to keep the topic controversial.


    You really need to answer people, not keep repeating the same rhetoric.
  • davidwood123
    davidwood123 Posts: 471 Forumite
    Options
    Forget having children and buying a house........you need to live together first.

    Rent somewhere and try it. You might find the relationship can't handle it and at least you won't be financially committed with children to deal with too.

    To many couples now want the house, the fancy wedding and children before they've even lived together.
  • serko
    serko Posts: 49 Forumite
    Options
    If you're worried about interest rate rises you can always get a 10 year fixed rate. We're in the process of remortgaging to a 10 year fix. Yes it's more expensive than a shorter fix, however with shorter fixes you risk higher rates at renewal plus fees to remortgage every time.

    Only time will tell if it's financially the right decision. However we are confident of being able to afford the rate. By the time we have to remortgage we would have paid off a substantial part of the capital so even if interest rates are astronomical (which I doubt they will be), we should have no problem paying at a higher rate.
  • JPB156
    JPB156 Posts: 91 Forumite
    Options
    If you think it's foolish maybe you should look at the current position of the housing market we aren't the only ones faced with not being able to afford to live together and have children, we have done it for so long to save a good deposit, we thought that was a good way of doing it. But now it feels house prices have risen so high that the amount we have isn't so good anymore
  • Livelongandprosper
    Livelongandprosper Posts: 519 Forumite
    Mortgage-free Glee!
    Options
    When me and he started out on the housing ladder( same age as you two) interest rates were at 10% , our repayments were over half our income. It was a dump that needed gutting and we must have spent another £20k on it

    Interest rates came down slowly thankfully because five years after buying it, I had to give up work because of mental health problems

    We managed We cut our cloth to suit our income. We never got to the stage of eating cornflakes or baked beans for every meal, but we didn't have much of a social life or mobile phones , beauty treatments, new clothes every week etc

    If we had been too scared to take that first step, we would still be living in a one bedroom HA flat in a pretty grotty area, instead of living mortgage free in the country enjoying life on a shoe string :)

    Get a doer upper if that's what you can afford. I lived with the back of the house missing for three months, no kitchen for the best part of a year. Took us five years to get the house put back together. Weekends and evenings there was always something to be done and we done the work ourselves. I who had never painted a straight line before tilled a bathroom :). It doesn't need to be done in one hit. As long as I had one room that was clean and tidy and relatively dust free, I coped

    Stop procrastinating and start being proactive. You know what your comfort level on a mortgage is, go find a house or flat for that amount. The compromise will be the work needed. No home that you haven't built yourself will be perfect, at least a doer upper means you can at least make your stamp on it
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards